Application for Transfer of Members Accumulated Salary 2025

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Among those full-career retirees: The average pension received was $57,516, compared to $53,539 for last years retirees; Those who had been employed by the Department of Corrections (DOC) had the highest average pension (among the ten largest agencies), with 400 individuals being paid an average of $82,947.
➢ You pay Basic Member Contributions equal to 3% of your gross wages for 10 years. The Road to Your NYCERS Retirement nycers.org main files file-attachments nycers.org main files file-attachments
Once you submit your application, NYCERS will process it in approximately 10 business days (or, if you are applying in advance, within 10 days after your eligibility date). If you apply online and select EFT, your loan will be processed in three (3) business days.

People also ask

I retire? In most cases you will receive a lump sum (managerial) or be paid through bi-weekly paychecks (non-managerial); howev- er, NYCERS has no control over this distribution. Sick time and annual leave concerns should be discussed with your human resources or personnel division.
Once the Election of Payment Notice is returned or 30 days from the date on the notice has passed, a check is issued within 15 business days. What is an Election of Payment Notice? An Election of Payment Notice contains the amount you contributed to NYCERS while a member, plus interest accumulated during that time.
In addition, if you are under the age of 59 you will also be subject to the 10% early distribution penalty tax assessed by the IRS. Exceptions to this penalty may apply, especially if you leave City service during or after the year in which you attain age 55. Leaving City Service - NYCERS nycers.org main files file-attachments nycers.org main files file-attachments
The 62/5 Retirement Plan, also referred to as the Basic Tier 4 Plan, allows participants to retire with a full pension at age 62 with at least five years of Credited Service, or with a reduced pension between the ages of 55 and 61. Tier 4 - New York City Employees Retirement System nycers.org tier-4 nycers.org tier-4
Form #231. For NYCERS members who are eligible for membership in the Board of Education Retirement System and elect to remain a member of NYCERS as a Transferred Contributor.

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